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Cullumber Enterprises earns 11% on an investment that pays back $92,000 at the end of each of the next 8 years. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What is the amount Cullumber Enterprises invested to earn the 11% rate of return? (Round answer to 2 decimal places, e.g. 25.25.)

Cullumber Enterprises earns 11% on an investment that pays back $92,000 at the end of each of the next 8 years. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What is the amount Cullumber Enterprises invested to earn the 11% rate of return? (Round answer to 2 decimal places, e.g. 25.25.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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View Policies Current Attempt in Progress Cullumber Enterprises earns 11% on an investment that pays back $92,000 at the end of each of the next 8 years. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What is the amount Cullumber Enterprises invested to earn the 11% rate of return? (Round answer to 2 decimal places, e.g. 25.25.) Cullumber Enterprises invested $ eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer
Transcribed Image Text:View Policies Current Attempt in Progress Cullumber Enterprises earns 11% on an investment that pays back $92,000 at the end of each of the next 8 years. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What is the amount Cullumber Enterprises invested to earn the 11% rate of return? (Round answer to 2 decimal places, e.g. 25.25.) Cullumber Enterprises invested $ eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer
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